Louisville Family Law®

Celebrity divorce rouses interests on property division

Celebrity divorce rouses interests on property division

Posted By
Louis P. Winner

Married celebrity couples go through the same marital problems regular
spouses encounter. Unfortunately, not all marriages last and could end
in divorce.

After 10 years and two children together, power couple Gwyneth Paltrow
and Chris Martin has recently announced their divorce. The announcement
roused the interests of many people, including how the couple will divide
their estimated multi-million dollar assets.

Martin reportedly earns more than Paltrow does, with earnings coming from
tours, album sales and some publishing rights. Paltrow's earnings
come from movie deals, her website, book sales and product endorsement
deals. The couple owns five properties around the world. Both of them
landed spots in Forbes list of 100 highest earning celebrities in 2013.

Couples with a complex portfolio of assets can have difficulty settling
property division. Other than ensuring the full disclosure of assets of
both parties, the more complicated the mix of marital property is the
more difficult it is to value and divide.

Dividing assets during divorce can cause issues because assets can hold
both monetary and sentimental values. Emotions can run high, which can
hinder a spouse from making sound financial decisions. Without a prenuptial
agreement, property division can complicate the divorce settlement and
prolong the process. On top of that, asset division has significant impact
on the soon-to-be ex-spouses' financial position.

There are many important things at stake during a high asset divorce. Without
the right resources or support, it can be difficult. It is important that
both spouses have knowledge about their marital assets.